The Delisting Of Kosmo Technology

Caught this news clip on the Edge Daily yesterday: 07-01-2009: Bursa Securities starts delisting procedures against Kosmo

• KUALA LUMPUR: Bursa Malaysia Securities Bhd has started delisting procedures against Kosmo Technology Industrial Bhd, an amended practice note 17/2005 company, whose securities will be suspended from trading from Jan 12.
  
  Bursa Securities said Kosmo had failed to submit its regularisation plan to the Securities Commission and other relevant authorities for approval within the stipulated date of Jan 5, 2009. It has served Kosmo to make representations to Bursa Securities as to why its securities should not be de-listed.

Kosmo is now trading at 0.05/0.01!!!

Now I have posted on Kosmo Technology before last year.

Kosmo Technology Shocking Deviation Of Accounts, Kosmo Technology Balance Sheet

Yes, I fully understand and agree that Bursa Malaysia should delist Kosmo Technology however as stated before in the posting Kosmo Technology Shocking Deviation Of Accounts

• This morning, I caught the following news clip, Kosmo: We made a loss in 2007
  KOSMO Technology Industrial Bhd has revised its report card, saying it now made a net loss of RM141.71 million in the year ended December 31 2007. In February, Kosmo announced an unaudited net profit of RM1.4 million on RM38.42 million turnover for the recent year. Audited group turnover is at RM44.18 million, Kosmo told Bursa Malaysia yesterday. The company also said its annual report 2007 will be delayed.

Truly unbelievable!

From a profit of 1.4 million to a net loss of rm141.71 million!

• Totally shambolic!
  
  Given the truly incredible massive capital destruction, perhaps the SC should investigate and find out what on earth is happening here and why is there such a massive deviation in their accounts!
  
  Another truly sad day for Bursa Malaysia.

So what exactly happened in Kosmo?

How and why could the company could go from announcing a profit of 1.4 million to announcing a net loss of rm141.71 million????!!!!

Why such massive deviation?

And on the massive capital destruction of capital? Have a look. This is how Kosmo performed since listing!!!!